news.goldseek.com / Julian D.W. Phillips / 1 March 2017
Gold Today –New York closed at $1,251.50 on the 28th February after closing at $1,251.00 on the 27th February. London openedat $1,244.00 today.
Overall the dollar was stronger against global currencies early today. Before London’s opening:
– The $: € was stronger at $1.0557: €1 from $1.0593: €1 onyesterday.
– The Dollar index was stronger at 101.57 from 101.09 onyesterday.
– The Yen was weaker at 113.45:$1 from yesterday’s 112.44 against the dollar.
– The Yuan was weaker at 6.8783: $1, from 6.8689: $1, yesterday.
– The Pound Sterling was weaker at $1.2373: £1 from yesterday’s $1.2427: £1.
Yuan Gold Fix
At the close in Shanghai today, the gold price was trading at 279.50Yuan once again, which directly translates into $1,263.89. But allowing for the difference of gold being traded this equates to a price of $1,258.89. This is $7.39 higher than the New York close and $14.89 higher than London.
Trump’s speech was a patriotic call mainly but lacked sufficient details to move markets significantly. We expect London and New York to move back up towards the Shanghai price in the next few days in line with dollar moves.
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